President Biden Released His FY25 Budget

President Biden’s FY25 budget proposes to reduce the deficit by about $3 trillion over a decade; set a higher minimum corporate tax and a 25% minimum tax for billionaires; and protect Social Security and Medicare, affordable housing initiatives; expand preschool access; and establish a higher federal minimum wage. It would also include Affordable Care Act protections, and a $2,000 cap on drug costs and $35 insulin to everyone, not just people on Medicare. None of the major initiatives in the Administration’s requests are likely to survive election-year politics in a highly polarized, divided government.